Concentrix (NASDAQ:CNXC) Stock Price Down 9% After Insider Selling

Key Points

• Concentrix's stock price fell 9% following the sale of 500 shares by EVP Cormac J. Twomey, which triggered a significant decline in trading volume.
• Analysts have mixed views on Concentrix, with Bank of America lowering its price target from $65.00 to $61.00, while Robert W. Baird raised its target from $62.00 to $72.00.
• The company recently announced a quarterly dividend of $0.3328, with a payout ratio of 36.54%, which is set to be paid on August 5th.

Concentrix Corporation (NASDAQ:CNXC - Get Free Report)'s stock price was down 9% during trading on Friday after an insider sold shares in the company. The stock traded as low as $47.22 and last traded at $47.31. Approximately 319,154 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 807,082 shares. The stock had previously closed at $51.97.

Specifically, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the transaction, the executive vice president owned 37,130 shares of the company's stock, valued at $2,150,198.30. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CNXC shares. Bank of America reduced their price objective on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research note on Friday, June 27th. Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Canaccord Genuity Group reissued a "buy" rating and set a $80.00 target price on shares of Concentrix in a research report on Monday, June 30th. Barrington Research reissued an "outperform" rating and set a $54.00 target price on shares of Concentrix in a research report on Tuesday, June 24th. Finally, Robert W. Baird boosted their target price on shares of Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Concentrix currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.75.

Concentrix Stock Performance

The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61. The firm's 50 day moving average is $56.42 and its 200-day moving average is $51.79. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 0.74 and a beta of 0.53.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its earnings results on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the firm earned $2.69 earnings per share. The business's revenue for the quarter was up 1.5% on a year-over-year basis. Analysts forecast that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Friday, July 25th will be paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, July 25th. Concentrix's payout ratio is currently 36.54%.

Hedge Funds Weigh In On Concentrix

Large investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. raised its position in Concentrix by 532.7% during the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock worth $34,000 after acquiring an additional 522 shares during the period. UMB Bank n.a. grew its holdings in shares of Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after purchasing an additional 217 shares during the period. IFP Advisors Inc grew its holdings in shares of Concentrix by 473.8% in the second quarter. IFP Advisors Inc now owns 700 shares of the company's stock valued at $37,000 after purchasing an additional 578 shares during the period. First Horizon Advisors Inc. grew its holdings in shares of Concentrix by 111.8% in the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock valued at $47,000 after purchasing an additional 444 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Concentrix by 47.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock valued at $84,000 after purchasing an additional 483 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Company Profile

Concentrix Corporation engages in the provision of technology-infused customer experience (CX) solutions worldwide. The company provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services, across various channels of communication, such as voice, chat, email, social media, asynchronous messaging, and custom applications.

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